Consumer Finance Protection Bureau wants to regulate Venmo, Apple Cash like banks

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The top US consumer finance regulator is seeking new powers to oversee technology companies that offer digital wallets and payment applications, in a move that would intensify scrutiny over companies such as Google and Apple.

The proposal issued by the Consumer Financial Protection Bureau on Tuesday would subject non-bank companies that offer digital payments to a regulatory scheme similar to that for banks or credit unions.

It aims to ensure that US consumer protection laws are applied to a ballooning sector used by millions of consumers to transfer funds and make retail payment transactions.

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from Tech – Ars Technica https://ift.tt/uRJ9Lkl